Multifamily
Debt & Equity

NorthMarq Capital’s San Francisco office arranges acquisition and construction financing of $72 million for Renaissance Square, Phase I & II

SAN FRANCISCO (October 21, 2016) – Nathan Prouty, managing director and Jeffrey Weidell, president of NorthMarq Capital’s San Francisco office, arranged acquisition and construction financing of $72 million for Renaissance Square, Phases I & II. The 134-unit multifamily property, located in Concord, California, will be adding 180 units. The transaction was structured with a 15-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “Initial funds were used to acquire the existing Phase I building of 134 residential units and the Phase II development site of 180 units,” said Prouty. “The remaining funds will be drawn down within the next three years according to the construction schedule, and upon completion the loan will convert to a permanent mortgage. The interest rate was fixed throughout, a desirable feature to the financing.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

0000000000000000000000000778167
Renaissance Square
Debt
$72,000,000